Home Farm Equipment Afternoon Market Recap for July 2, 2021

Afternoon Market Recap for July 2, 2021


Soybeans finish Friday’s session with modest positive aspects

Grain costs slumped on Friday on one other spherical of technical promoting and profit-taking in the present day. Soybean and spring wheat costs had been the one winners in the present day after a late-session rally left these commodities with modest positive aspects by the shut. However close by corn contracts stumbled to three% losses and winter wheat contracts incurred losses ranging between 1.75% and three.25%.

Some mild rains are anticipated throughout the Central and Northern Plains between Saturday and Tuesday, however only a few areas are prone to see greater than 0.25” throughout this time, per NOAA’s newest 72-hour cumulative precipitation map. The higher Midwest may even see some modest rainfall over the vacation weekend. Additional out, NOAA’s 8-to-14-day outlook predicts widespread warmer-than-normal temperatures throughout the northern half of the nation between July 9 and July 15, with seasonally dry climate persisting within the Plains subsequent week.

On Wall St., the Dow tilted one other 156 factors increased in afternoon buying and selling to achieve 34,789, and the S&P 500 and Nasdaq Composite discovered new document highs in the present day, anchored by sturdy performances in tech shares and a better-than-expected spherical of jobs knowledge. Power costs had been blended however largely increased. Gasoline and diesel every discovered positive aspects of round 1%, whereas crude oil light 0.3% decrease to hover proper under $75 per barrel. The U.S. Greenback softened reasonably.

On Thursday, commodity funds had been web consumers of soymeal (+9,000) contracts however had been web sellers of corn (-1,000), soybeans (-5,000), soyoil (-3,500) and CBOT what (-9,500).

NOTE: Grain markets will probably be closed on Monday in observance of Independence Day. You should definitely return to www.FarmFutures.com Tuesday morning for the following spherical of market information and evaluation. Have a secure and pleased three-day vacation weekend!

Corn costs eroded steadily all through Friday’s session on a spherical of technical promoting and profit-taking as merchants squared positions forward of an prolonged vacation weekend. July futures misplaced 22.5 cents to $6.9725, with September futures down 9.75 cents to $5.92.

Corn foundation bids had been narrowly blended at three inside river terminals on Friday whereas dropping 5 cents at an Iowa processor and 18 cents at an Ohio elevator. Different places throughout the Midwest held regular in the present day.

USDA-FAS estimates that China’s 2020/21 corn imports will are available round 1.102 billion bushels, with comparatively sturdy demand from excessive home costs and efforts to restock provides. As soon as these provides have been replenished, and if China can ramp up home manufacturing, import wants for 2021/22 may fall to round 787 million bushels.

China’s grain stockpiler Sinograin continues to generate corn auctions to quell excessive costs and meet home demand wants, promoting one other 1.1 million bushels of imported corn from its reserves earlier in the present day, though that was solely 18% of the full quantity on provide. “There is a lot wheat, rice and many other things that can replace (corn),” famous one grain buying supervisor in northern China. It stays value noting that gross sales of imported corn provides are comparatively uncommon in China, which has not executed so in a number of years.

Ukraine’s agriculture ministry is anticipating the nation’s 2021 corn crop to achieve a document manufacturing of 1.461 billion bushels – a year-over-year improve of greater than 22%, if realized. Corn exports this advertising and marketing 12 months have reached an estimated 907.8 million bushels up to now.

Based on French farm workplace FranceAgriMer, 89% of the nation’s 2021 corn crop is in good-to-excellent situation by way of June 28, with rankings holding regular from every week in the past.

It’s formally winter within the Southern Hemisphere, and frost has landed on as much as half of Brazil’s second corn crop, in accordance with Julio Bravo, CEO of AgroBravo. “There is no doubt: the impact of the cold will reduce even more the size of this year’s corn harvest,” Bravo writes within the newest “South American Crop Watch” weblog – click here to study extra.

Preliminary quantity estimates had been for 248,908 contracts, coming in nicely under Thursday’s ultimate depend of 399,324.

Soybean costs managed to carry onto a portion of strong in a single day positive aspects, which largely evaporated as Friday’s session dragged on. July futures picked up 5 cents to $14.5175, whereas August futures firmed 4.75 cents to $14.3450.

Soybean foundation bids had been largely regular throughout the central U.S. on Friday, with two notable exceptions – an Ohio river terminal tumbled 15 cents decrease whereas an Iowa processor climbed 10 cents increased in the present day.

USDA-FAS stories that U.S. soybean exports throughout the first quarter of this 12 months reached a complete worth of $7.7 billion – the second-highest degree on document and practically double the identical interval in 2020. “Export volumes are up substantially due to the rebound of trade with China owing to the removal of retaliatory tariffs, the rebuilding of the swine herd from African swine fever (ASF), and a delayed South American harvest extending the U.S. selling window,” in accordance with the company’s abstract assertion.

Preliminary quantity estimates had been for 132,040 contracts, falling reasonably under Thursday’s ultimate depend of 202,535.

Wheat costs had been blended however largely decrease after an uneven spherical of technical maneuvering Friday. MGEX spring wheat contracts continued to agency on worries over crop high quality, with September futures selecting up one other 3 cents to $8.39. However winter wheat costs stumbled after one other spherical of technical promoting in the present day, with September Chicago SRW futures dropping 14.25 cents to $6.5125 and September Kansas Metropolis HRW futures down 19.25 cents to $6.19.

Ukraine’s agriculture ministry predicts the nation’s 2021 wheat manufacturing will rebound 14.5% from a 12 months in the past to achieve 1.047 billion bushels. Ukraine’s complete grain harvest may eclipse its record-breaking effort from 2019 if present projections maintain. Wheat exports up to now throughout the present advertising and marketing 12 months have reached an estimated 609.9 million bushels.

French farm workplace FranceAgriMer estimates that 79% of the nation’s tender wheat crop is in good-to-excellent situation by way of June 28, holding regular from every week in the past. Winter barley situation fell a degree, with 74% of the crop rated in good-to-excellent situation, and harvest has kicked off with 2% progress up to now. France is the European Union’s high grain producer.

Preliminary quantity estimates had been for 98,976 CBOT contracts, sliding reasonably under Thursday’s ultimate depend of 140,885.

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